Brent Crude Oil Trades Above $104/Bbl Amid Hopes Of An Iran-US Peace Deal; Gold Near $4,500/Oz

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[00:00:00]But, how is this impacting the commodities market? What's oil doing this morning as well? Let's go cross to Manisha to get that update. Good morning, Manisha.

[00:00:08]Morning, Winnie. Thank you for that.

[00:00:09]I'll start with the crude oil prices where we saw the prices decline 2% overnight as the markets thought that there is some negotiation deal actually nearing finalization, but that's not happening. The crude prices while have declined 4% in this week and are off their highs, they're still holding around $104 a barrel. As you were just saying that the US Secretary of State Marco Rubio said that there was some encouraging signs surrounding a possible deal with Iran, but in the meanwhile, Iran has ordered enriched uranium reserves to remain inside the country.

[00:00:40]Iran is also reportedly working with Oman on a framework for a permanent toll system at Strait of Hormuz. Does not sound well and doesn't sound like a peace deal going ahead. In the meanwhile, it is the seven OPEC plus countries which are also slated to meet on 7th of June. They might be looking at increasing output for the month of July.

[00:00:57]So, various contradicting fundamentals right now, but within all of that, we're looking at a percentage rise coming in for the crude prices in Asia right now.

[00:01:05]When it comes to the metal prices, well, most of them are headed for a weekly decline in this week. If you look at the gold prices, they're down by 14% since the West Asia conflict. Silver is down 20% as well. As far as copper goes, well, that has also come off its recent highs. The rally in AI stocks is kind of supported for copper and is the reason you're looking at positive gains continuing in the Asia right now. Okay, Manisha. Thank you so much for that.

[00:01:31]That's the update in the world of commodities.